Greenwich Municipal Employees Federal Credit Union is a full service financial cooperative, owned by its members and operated for their benefit. Upon joining, you become a member and a part owner. This entitles you and your family members to a lifetime of high quality, low cost financial services. And because we are not for profit, all revenue gains realized by the Credit Union are reinvested back to you, our member, in the form of lower loan rates and higher investment returns.
How Does It Work?
The Credit Union is owned mutually by its members, who save together and make loans to one another from the accumulated funds. The objective of the Credit Union is to help members manage their money by offering a place to save, by encouraging the intelligent use of credit, and by making available other financial services.
Each member’s savings are called “shares” in the Credit Union. Shares earn interest called “dividends.” Individual share accounts are pooled and the money is distributed to members as loans. Some money is invested in areas permitted by the NCUA. From interest earned on loans and investments, the Credit Union pays its expenses and sets aside a reserve. The remaining income, called “available earnings,” pays the dividend on savings—at a rate that is often higher than what other financial institutions offer.
Who Runs The Credit Union?
The Credit Union is controlled by a Board of Directors. Board members are unpaid volunteers elected from the membership. Other members are appointed by the Board to the Supervisory Committee.
It is the Board’s responsibility to set policy and give direction to the Credit Union. The Supervisory Committee audits the books and verifies individual accounts to ensure that Board policy is carried out.
The Credit Union is administered by a paid staff who conducts the daily business.
How Can I Join?
If you are employed by or retired from the Town of Greenwich (excluding the Board of Education employees), you are eligible to join the Credit Union. Any immediate family member is also eligible for membership. To join, call the Credit Union at 203 869-5280 for a membership package.
Is My Money Insured?
Each member’s savings in the Credit Union are insured up to $250,000.00 by NCUSIF, the National Credit Union Shares Insurance Fund which is administered by NCUA, the National Credit Union Administration, an agency of the United States government.
To help the Government fight the funding of terrorism and money laundering activities. Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.
What this means for you: When you open an account, we will ask you for your name, address, date of birth and other information that will allow us to identify you. We will also ask to see your driver's license or other identifying documents.